China CNPC bypasses Venezuelan oil shipment

A Venezuelan China National Petroleum Corp., a major oil buyer, will pass cargo shipments for a second month in September as the state-owned oil giant avoids violating US sanctions, two sources familiar with the recommendation said.

A source familiar with the direction of the CNPC positioning board said Monday that the CNPC is in the mood of the group and has the option of not loading Venezuelan oil.

The CNPC is just a surprise stop for a Venezuelan oil shipment after Trump’s administration on behalf of August froze the assets of the Venezuelan government in the US and officials warned companies not to deal with Venezuelan state-owned oil companies Petróleos de Venezuela, SA , or PDVSA.

A top Chinese industry source interpreted the Trump administration’s executive orders as a possible prelude to broader sanctions measures that could hit the CNPC as a client interested in Caracas.

The CNPC declined comment.

Reuters reported the month of the visit that “the move comes as Russia’s major Russian citizen oil Rosneft is only Venezuela’s main crude trader, using oil for maintenance buyers and demanding Caracas to offset the loss of traditional traders are avoiding it. fear of violating US sanctions.

A PDVSA crude oil loading program seen by Reuters confirms that the CNPC can now be maintained.

The PDVSA did not respond to a request for comment.

The executive order is that Trump issued on August 5 has not been sanctioned for giving non-US companies where it is doing business with PDVSA, a partner in crude operations such as France SA Total SA, as well as Russian and Chinese customers.

However, the detective threatens to raise every person’s American faces or wants to visit the “All materially” Venezuelan government.

Buyers of more Chinese crude oil may have been warned of buying Venezuela at a meeting setting up a National Development and Reform company for the meeting.

All Chinese customs showed that Venezuelan crude imports into China fell by 40% in July to about 700,000 tonnes, more and more monthly in the nearly year./Investing.com